CoastalSouth Bancshares falls in NYSE debut after $43.8 million IPO

Community bank CoastalSouth Bancshares' COSO.N shares fall 1.2% to $21.25 in their New York Stock Exchange debut

Atlanta, Georgia-based CoastalSouth and some of its existing shareholders sold ~2.04 million shares at $21.50 apiece to raise $43.8 million

They had earlier offered 2.6 million shares priced between $21.50 and $23.50 apiece

CoastalSouth sold 1.7 million shares in the IPO, while some backers offloaded 335,000 shares

CoastalSouth traded on the over-the-counter (OTC) markets until its NYSE uplisting

COSO stock had closed at $20.91 on Tuesday on OTC markets

Founded in 2004, CoastalSouth operates 11 retail banking branches in the Lowcountry of South Carolina, as well as Savannah and Atlanta in Georgia

Piper Sandler and Stephens were the underwriters for the offering